Spreading word about your business
Getting the word out about your small business takes a lot of work. You start out by enlisting the help of close friends, family members, and current and previous business associates. But soon that isn’t enough to get you to your end goal—a solid professional reputation and an increased profit. While there are thousands of ways to advertise your business, there are often monetary constraints for small business pros. Even with these constraints and limitations, small businesses can effectively market their brands through cross-promotion with other, complementary small businesses.
Display print collateral – One of the simplest ways to cross-promote is by displaying or distributing print collateral—brochures, calendars, business cards, and flyers—in a waiting room, next to the cash register, or mailed with statements, invoices, or business correspondence. When you’ve found the right business—or several businesses—to pair with, trade printed material. This will ensure that your business is made visible to potential customers, customers that would ultimately benefit from your products or services. If you’re looking for a low-friction way of cross-promoting your brand, this is it.
Co-sponsor an event – This will allow you to cut your event costs in half, and it ensures you get the other company’s audience and customers in attendance, which will only benefit your company’s marketing efforts and outreach. Depending on the nature of your business, you can choose to hold a local, national, or even online event geared toward your target audience. Whichever you choose, make sure all companies with which you’re cross-promoting have equal visibility. This will strengthen your professional relationships now so they can still be of use to you in the future.
Start a referral program – Offer discounts or rewards for those customers who refer business to your partner’s store and vice versa. This is a fantastic way to create a network of consumers. Remember, again, this only works if you cross-promote a complementary business rather than a competing one. The latter is rarely a good idea. A referral program will encourage your customers to spread the word about your business and your cross-promotion partner’s business. Everyone benefits.
Swap mailing lists – While this effort obviously gives you even more potential customers, the ethics of such an act continues to be debated. After all, haven’t we all been annoyed when we’ve discovered a company has sold or traded our information? Instead of swapping all the information on your mailing lists, you can provide your current customers and clients the option of being contacted by a partner or affiliate. Alternatively, featuring a peripheral business to yours on mailers to your clients while being featured on mailers to their clients is a common method for this type of swap. This will keep your professional reputation unsoiled and give you the opportunity to lengthen your own mailing list.
Trade online content – While this type of cross-promotion requires a lot of valuable time in creating the content, it’s one of the most beneficial ways to market your brand on a small budget—or even if you have a large budget, for that matter. Write a guest blog post, general website content, or informative, on-topic articles. This online content can help establish your reputation as being knowledgeable in your field or industry. If you can write content that is informative and valuable, you’ll have a stream of users checking out your site, too. The challenge here is in finding like partners that would mutually benefit.
Offer a workshop or educational class – You and your cross-promotion partner can hold an educational workshop or class that’s related to your industry. Each of you—or a representative of your business—should speak or teach a class, but also include other guest speakers or teachers. The more valuable information you provide to the attendees, the more in-demand your workshop or class will be. Having as many influential “experts” involved will only increase the hype of your educational event.
Share valuable office space – Just as tax accountants temporarily take up residence in major grocery stores during tax season, consider sharing valuable office space with your partner, and vice versa. It can be a small office, booth, or even right outside the front door. Hand out brochures, business cards, and be available to answer questions or to pass out free samples. This method can be more effective than just having your partner display your print collateral, because your potential customers can put a face to a brand, which makes your business more relatable and personable. It doesn’t matter if you set up one of your employees there permanently or you only use some space a few times a month, this is a great way to network with your target audience.
Cross-promotion is an easy way to market your business directly to the right consumers and while sticking to your marketing budget. Partnering with a complementary business expands your professional outreach, betters your reputation in your industry, and puts you in contact with the right people at the right time. Consider your cross-promotion options carefully and be selective about potential partners, as the wrong partner can have as much of an impact on your business as the right one.
How a Facebook boycott ended up benefitting Snapchat and Pinterest
(MARKETING) Businesses are pulling ad spends from Facebook following “Stop Hate for Profit” social media campaign, and Snapchat and Pinterest are profiting from it.
In June, the “Stop Hate for Profit” campaign demanded social media companies be held accountable for hate speech on their platforms and prioritize people over profit. As part of the campaign, advertisers were called to boycott Facebook in July. More than 1,000 businesses, nonprofits, and other consumers supported the movement.
But, did this movement actually do any damage to Facebook, and who, if any, benefited from their missing revenue profits?
According to The Information, “what was likely crumbs falling from the table for Facebook appears to have been a feast for its smaller rivals, Snap and Pinterest.” They reported that data from Mediaocean, an ad-tech firm, showed Snap reaped the biggest benefit of the 2 social media platforms during the ad pause. Snapchat’s app saw advertisers spending more than double from July through September compared to the same time last year. And, although not as drastic, Pinterest also saw an increase of 40% in ad sales.
As a result, Facebook said its year-over-year ad revenue growth was only up 10 percent during the first 3 weeks of July. But, the company expects its ad revenue to continue that growth rate in Q3. And, some people think that Facebook is benefitting from the boycott. Claudia Page, senior vice president, product and operations at Vivendi-owned video platform Dailymotion said, “All the boycott did was open the marketplace so SMBs could spend more heavily. It freed-up inventory.”
Even CNBC reported that Wedbush analysts said in a note that Facebook will see “minimal financial impact from the boycotts.” They said about $100 million of “near term revenue is at risk.” And for Facebook, this represents less than 1% of the growth in Q3. However, despite what analysts say, there is still a chance for both Snapchat and Pinterest to hold their ground.
Yesterday, Snap reported their surprising Q3 results. Compared to the prior year, Snap’s revenue increased to $679 million, up 52% from 2019. Its net loss decreased from $227 million to $200 million compared to last year. Daily active users increased 18% year-over-year to 249 million. Also, Snap’s stock price soared more than 22% in after-hours trading. Take that Facebook!
In a prepared statement, Chief Business Officer Jeremi Gorman said, “As brands and other organizations used this period of uncertainty as an opportunity to evaluate their advertising spend, we saw many brands look to align their marketing efforts with platforms who share their corporate values.” As in, hint, hint, Facebook’s summer boycott did positively affect their amazing Q3 results.
So, Snapchat and Pinterest have benefited from the #StopHateForProfit campaign. Snapchat’s results show promising optimism that maybe Pinterest might fare as well. But, of course, Facebook doesn’t think they will benefit much longer. Back in July, CEO Mark Zuckerberg told his employees, “[his] guess is that all these advertisers will be back on the platform soon enough.”
Facebook isn’t worried, but I guess we will see soon enough. Pinterest is set to report its Q3 results on October 28th and Facebook on the 29th.
Cooler temps mean restaurants have to get creative to survive
(BUSINESS MARKETING) In the midst of a pandemic and with winter approaching, restaurants are starting to find creative and sustainable ways to keep customers coming in… and warm.
Over the last decade we have seen a change in the approach to clientele experiences in the restaurant business. It’s no longer just about how good your food is, although that is still key. Now you have to give your customers an experience to remember. There are now restaurants that feed you in the dark, and others who require you to check all your clothes at the door. Each of these provides an experience to remember alongside food that ranges from good to exquisite, depending on your taste.
Now, however, the global pandemic has rearranged how we think about dining. We can no longer just shove people into a building and create a delectable meal. If you’ve relied mostly on people coming into your restaurant, you may struggle to survive now.
The new rules of keeping clients safe means setting things up outside is the easiest means of keeping large numbers of them from crowding inside. Because of this, weather has become a key influence in a company’s daily income. Tents that were a gimmick before, only needed by presumptuous millennials, are now a requirement to keep afloat. People are rushing to make their yards into lawns that bring some in some fancy feeling.
The ties to the sun in some areas are so strong that cloudy days have been shown to drop attendance as much as 14% for the day. This will become the more apparent the colder it gets. For me, I always mention hibernation weight in the winter, when all I want to do is curl up and eat at home. Down here in Texas we are already finding cooler weather, drops into the 70s even in August and September. We are all assuming a cold winter ahead. So, a bit of foresight is finding a means of keeping your guests warm for the winter ahead.
San Francisco restaurants have started with heat lamps during their cooler evenings. Fiberglass igloos have also been added to outdoor seating as a means of temperature control. A few places down in the Lonestar state keep roaring fires going for their outdoor activities. While others actually keep you running in between beverages by encouraging volleyball matches. This is the new future ahead of us, and being memorable is the way to go.
Healthcare during pandemic goes virtual, looks to stay that way
(BUSINESS NEWS) Employment-based health insurance has already been through the ringer with COVID-19, but company healthcare options are adapting for long term.
Changes in employment-based health insurance may end up costing employers more, but will provide crucial benefits to workers responding to the healthcare challenges presented by the COVID-19 pandemic.
According to a recent survey by the Business Group on Health, a member-driven advocacy organization that helps large employers navigate providing health insurance to their employees, businesses will increase access to telehealth, mental health resources, and on-site clinics in the upcoming year.
Besides the obvious impacts of the coronavirus itself, the effects of the COVID-19 pandemic have also rippled out to affect other aspects of public health and how we engage with medical care. With so many people staying home to reduce their in-person contacts, there has been a significant increase in the use of telehealth services such as virtual doctor’s visits. According to the survey from Business Group on Health, whose members include 74 Fortune 100 companies, more than half of large employers will offer more options for virtual healthcare in the upcoming year than in the past.
The pandemic, resulting economic fallout, and dramatic changes to our lives have inevitably exacerbated peoples’ anxieties and feelings of hopelessness. As we move into cold weather, with no end in sight to the need to socially distance, this promises to be a particularly dreary, lonely winter. Mental health support will be more necessary than ever. In 2019, 73% of large employers provided virtual mental health services. That number will increase to 91% next year, with 45% of large employers also expanding their mental health care provider networks, making it easier for employees to find the right the therapist or other mental health service provider, and making it easier to access those services from home, virtually.
In addition, there will be a 20% increase in employers offering virtual emotional well-being services. Altogether, 9 out of 10 of the employers surveyed will provide online mental health resources, which, besides virtual appointments, could also include apps, webinars, and educational videos.
There has also been a slight increase the availability of on-site clinics that provide coronavirus testing and other basic health services. This also included an expansion of resources for prenatal care, weight management, and chronic health problems such as diabetes and cardiovascular disease.
These improvement won’t come free of charge. While deductibles will remain about the same, premiums and out-of-pocket costs will increase about 5%. In most cases, employers will handle these costs, rather than passing them on to employees.
Business News2 weeks ago
Brutally honest list of reasons you didn’t get the job interview or job offer
Business Entrepreneur2 days ago
How to effectively share negative thoughts with your business partner
Business Entrepreneur2 weeks ago
6 simple self-care tips to keep any busy entrepreneur sane
Social Media2 weeks ago
This LinkedIn graphic shows you where your profile is lacking
Business News1 week ago
5 factors driving the reshoring movement in America
Business Entrepreneur2 weeks ago
Delivery startup goPuff is fast becoming the next tech giant
Business News6 days ago
The future of work from home will be a hybrid, says Google CEO
Business Entrepreneur1 week ago
The success of your business could be tied to your succession plan